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July 9, 2005
What Miami Condos and Hamsters Have in Common
The Christian Science Monitor reports that Miami condos are multiplying faster than hamsters, fueled largely by out of area money:
. . . In Miami, the construction crane could become the new state bird as some 25,00 new units are punching into the skyline - with another 40,000 on the drawing board. And with prices going up 27 to 37 percent per year in the past two years, some buildings' ownership is up to 70 percent investors. . .
"There is a four- to five- year supply of condos hitting the market in the next 2-1/2 years," says Jack McCabe of McCabe Research & Consulting in Deerfield Beach. "While the fundamentals are strong long term - some 1,000 people a day move to Florida - there could be some adjustments due to oversupply." . . .
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